Superannuation

Australians across the board are less satisfied with their superannuation funds than they were a year ago, a new report from Roy Morgan showed, with sharemarket volatility and industry consolidation acting as major drivers of the decline.

Many of the top-performing names in superannuation lead their target allocation categories over long time periods, a newly released quarterly survey from Morningstar showed. But it came with a sobering kicker: there’s still a significant account balance gender gap.

The Treasurer’s plan to limit concessional tax treatment within super at $3 million comes without a lot of the details required for effective retirement planning. Making bold changes now could be costly, says Wattle Partners principal Drew Meredith.

The most important aspect of SMSF membership is commitment, SuperConcepts’ Graeme Colley told advisers at the SMSF Association’s National Conference, stressing that potential trustees’ prime consideration should be whether they have the time and energy required to run a successful fund.

Michelle Levy said she was ‘puzzled’ by the government’s decision to conduct a consultation on the proposals handed down in the advice review, while industry leaders urged for the adoption of her reform suite.

One of Australia’s largest retail super funds will be hauled before the court over allegations it engaged in greenwashing of products in what will likely be a test case for the practice.

Peter Burgess told the SMSF Association’s National Conference the industry group has pushed for some of the developments, while it continues to oppose others, such as a high-balance cap. The government now plans instead to double the tax rate for funds with very high balances.

Speaking at the SMSF Association’s National Conference, the assistant treasurer called out “modern-day Edmund Hillarys” seeking to raid Australia’s “Mount Everest of superannuation” as he pressed the need for an objective for super that prioritises preservation.

Stakeholders are asked for feedback on the government’s proposal to define super’s objective in legislation for the first time, with industry bodies lining up in support.

At the peak, there were 30 challengers nipping at the heels of established industry and retail superannuation funds. Less than half still exist today, with the survivors demonstrating the value of member engagement and well-designed product offerings.

Superannuation tax breaks will cost the government nearly $53 billion this year, nearly matching the cost of the entire age pension program, according to a new analysis that says major reform is needed. Meanwhile, the government has signalled a tightening of super legislation.

The prudential regulator will more closely examine the valuation methodologies super funds deploy to value private assets to address an emerging gap between the performance of listed and unlisted property.